A bill to provide for budgetary reform by requiring the reduction of the deficit, a balanced Federal budget, and the repayment of the national debt.
American Debt Repayment Act - Prohibits budgeted outlays from exceeding budgeted revenues, beginning with FY 1999.
Requires, beginning with FY 1999, that actual revenues exceed actual outlays in order to provide for the reduction of the gross Federal debt. Requires the amount of reduction to be equal to the amount required to amortize the debt over the next 30 years in order to repay the entire debt by the end of FY 2029.
Authorizes a congressional waiver of this Act when a declaration of war is in effect.
Prohibits a bill to increase revenues from being deemed to pass the House of Representatives or the Senate unless approved by a majority roll call vote of both Houses.
Directs the Congress to review actual revenues on a quarterly basis and adjust outlays to comply with this Act.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S393-394)
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, as modified by the order of April 11, 1986, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged.
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